Major Events - Cambridge Technology (06166) sets the offer price for H-shares at HKD 68.88 per share [1] - Sany Heavy Industry (06031) sets the offer price for H-shares at HKD 21.30 per share [1] - Hengrui Medicine (01276) receives approval for the launch of HR20031 tablets [1] - Shanghai Pharmaceuticals (02607) subsidiary becomes the holder of the marketing authorization for amisulpride orally disintegrating tablets [1] - Fosun Pharma (02196) receives registration approval for Delarobert tablets and Delarobert granules [1] - WuXi AppTec (02359) plans to sell 100% equity of Kande Hongyi and Jinshi Medicine [1] - Hengfu Holdings (00643) receives a buyout offer at a discount of approximately 79.20% and will resume trading on October 27 [1] Operating Performance - Chifeng Jilong Gold Mining (06693) reports Q3 net profit of CNY 951 million, a year-on-year increase of 140.98% [1] - WuXi AppTec (02359) reports a net profit of CNY 12.076 billion for the first three quarters, up 84.84% year-on-year [1] - Huaxin Cement (06655) reports a net profit of CNY 2.004 billion for the first three quarters, a year-on-year increase of 76.01% [1] - Luoyang Molybdenum (03993) reports a net profit of approximately CNY 14.28 billion for the first three quarters, up 72.61% year-on-year [1] - Goldwind Technology (02208) reports a net profit of approximately CNY 2.584 billion for the first three quarters, a year-on-year increase of 44.21% [1] - CITIC Securities (06030) reports a net profit of approximately CNY 23.159 billion for the first three quarters, up 37.86% year-on-year [1] - Kingdee International (00268) reports annual recurring revenue of approximately CNY 3.86 billion from subscription services for the first three quarters, a year-on-year increase of about 18% [1] - China Nonferrous Mining (01258) estimates a profit of approximately USD 356 million for the first three quarters, a year-on-year increase of about 13% [1] - Chongqing Bank (01963) reports a net profit of CNY 4.879 billion for the first three quarters, a year-on-year increase of 10.19% [1] - China Resources Cement (01313) reports a profit attributable to shareholders of CNY 331 million for the first three quarters, a year-on-year increase of 7.3% [1] - China Shenhua Energy (01088) reports a net profit of CNY 41.366 billion for the first three quarters, a year-on-year decrease of 13.8% [1] - Haohai Biological Technology (06826) reports a net profit of approximately CNY 305 million for the first three quarters, a year-on-year decrease of 10.63% [1] - Great Wall Motors (02333) reports a net profit of CNY 2.298 billion for the third quarter, a year-on-year decrease of 31.23% [1] - China Heart and Heart Fertilizer (01866) reports a net profit of approximately CNY 800 million for the first three quarters, a year-on-year decrease of 47.86% [1] - China National Building Material (03323) reports a net profit of CNY 2.96 billion for the first three quarters [1] - GAC Group (02238) reports a net loss of approximately CNY 4.312 billion for the first three quarters, a shift from profit to loss year-on-year [1] - China Overseas Development (00688) reports revenue of CNY 103 billion and operating profit of CNY 13.15 billion for the first three quarters [1] - Haifeng International (01308) reports revenue of approximately USD 2.459 billion for the first three quarters, a year-on-year increase of approximately 16.6% [1] - China Energy Engineering (03996) reports a cumulative new contract amount of CNY 992.775 billion for the first three quarters, a year-on-year increase of 0.4% [1] E-commerce Performance - Li Ning (02331) reports high double-digit growth in its e-commerce virtual store business for the third quarter [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [3][4] Core Views - The report highlights that copper prices are expected to experience high-level fluctuations in the short term, driven by supply disruptions and ongoing negotiations between the US and China [4] - Aluminum prices are on the rise due to continuous inventory depletion, while the alumina market remains in an oversupply situation [4] - Lithium prices are recovering from the bottom as demand increases during the peak season, with a notable decrease in inventory [4] - Cobalt prices are likely to continue rising due to the implementation of export quotas in the Democratic Republic of Congo, which may tighten supply [4] Summary by Sections 1. Industry Overview - The report indicates that the US CPI for September was lower than expected, which may influence market conditions [8] 2. Market Performance - The overall performance of the non-ferrous metals sector shows that the Shanghai Composite Index rose by 2.88%, while the non-ferrous sector increased by 1.13%, underperforming the index by 1.75 percentage points [11][12] 3. Valuation Changes - The TTM PE for the non-ferrous sector is 27.27, with a weekly change of 0.68, while the PB is 3.17, reflecting a 0.09 change [21][24] 4. Industrial Metals - Copper prices increased by 2.61% in London and 3.95% in Shanghai, with inventories decreasing [26] - Aluminum prices rose by 2.78% in London and 1.14% in Shanghai, with a notable increase in aluminum enterprise profits [36] - Lead and zinc prices also saw increases, with lead prices up by 2.00% and zinc by 2.48% [47] - Lithium prices for lithium carbonate rose by 2.79% to 75,400 yuan/ton, while lithium spodumene increased by 4.14% to 881 USD/ton [76] - Cobalt prices saw a significant increase, with MB cobalt rising by 7.75% to 22.60 USD/pound [89]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has exceeded production and sales expectations, with significant cost reduction and efficiency improvements [1][5] - The KFM Phase II project is progressing smoothly, with an investment of $1.084 billion and expected completion in 2027 [2] - The company is expected to see revenue growth driven by increased production and rising metal prices, with projected revenues of 230.1 billion, 264.6 billion, and 285.7 billion yuan for 2025-2027 [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 145.5 billion yuan, a decrease of 5.99% year-on-year, while net profit attributable to shareholders increased by 72.6% to 14.28 billion yuan [1] - In Q3 2025, revenue was 50.7 billion yuan, down 2.36% year-on-year, but net profit rose by 96.4% to 5.61 billion yuan [1] - The company reported a significant reduction in operating costs, down 10.94% year-on-year [1] Production and Sales Summary - Copper production for the first three quarters reached 543,400 tons, up 14.14% year-on-year, with a completion rate of 86.25% [1] - The cobalt, molybdenum, tungsten, niobium, and phosphate production also exceeded targets, with completion rates of 79.98%, 78.60%, 85.71%, 78.41%, and 79.37% respectively [1] - The IXM trading segment achieved a physical trading volume of 3.3311 million tons, with a completion rate of 78.38% [1] Segment Performance Summary - In the copper-cobalt segment, Q3 copper production was 190,000 tons, with revenue of 12.9 billion yuan and a gross profit of 7.1 billion yuan [3] - The molybdenum segment reported Q3 production of 3,622 tons, with revenue of 1.7 billion yuan and a gross profit of 820 million yuan [4] - The niobium and phosphate segments reported revenues of 700 million yuan and 950 million yuan respectively, with gross profits of 460 million yuan and 290 million yuan [5]

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Investment Rating - Industry Rating: Recommended [4] Core Viewpoints - The report indicates that the CPI is lower than expected, which enhances the probability of interest rate cuts, leading to an upward trend in metal prices [28][44] - Precious metals are experiencing price fluctuations, with gold and silver prices showing a downward trend recently, but the long-term outlook remains positive due to macroeconomic factors [28][44] - The report highlights the ongoing geopolitical tensions and their impact on market dynamics, particularly in the context of U.S.-China trade relations and the potential for further economic negotiations [45][48] Summary by Sections Precious Metals - This week, COMEX gold fell by 3.30% to $4,126.90 per ounce, while COMEX silver dropped by 4.38% to $48.41 per ounce. SHFE gold decreased by 6.17% to ¥938.10 per gram, and SHFE silver fell by 7.49% to ¥11,332.00 per kilogram [28][30] - The gold price has increased over 60% this year, but recent fluctuations indicate a potential short-term correction as the market enters an overbought zone [44][48] - The report notes a significant reduction in holdings for major ETFs, with SPDR gold ETF decreasing by 9,186.33 ounces and SLV silver ETF by 89,770.80 ounces [30] Base Metals - In the LME market, copper rose by 3.21% to $10,947.00 per ton, aluminum increased by 2.81% to $2,856.50 per ton, zinc went up by 2.62% to $3,019.50 per ton, and lead climbed by 2.28% to $2,016.50 per ton [54] - SHFE market showed similar trends with copper up by 3.95% to ¥87,720.00 per ton, aluminum up by 1.51% to ¥21,225.00 per ton, zinc up by 2.48% to ¥22,355.00 per ton, and lead up by 3.05% to ¥17,595.00 per ton [54] - The report emphasizes that the supply of copper is facing challenges, with a projected production growth of only 1.4% in 2025, which is below the demand growth rate of approximately 3% [9][22] Small Metals - Magnesium prices decreased by 0.45% to ¥17,840 per ton, while demand remains stable, leading to a reduction in inventory levels [18] - Molybdenum and vanadium prices are under pressure, with molybdenum iron prices down by 2.12% to ¥27.75 per ton, reflecting cautious market sentiment [19] Investment Recommendations - The report suggests that the long-term outlook for gold remains positive due to ongoing concerns about global debt and monetary easing, with U.S. debt exceeding $38 trillion and projected budget deficits [20][49] - The report identifies several gold mining companies as potential beneficiaries of rising gold prices, including Chifeng Jilong Gold Mining, Shandong Gold, and China National Gold Group [20][49] - For silver, the report anticipates a supply shortage of approximately 3,660 tons by 2025, supporting a bullish outlook for silver prices [49]

Core Viewpoint - The appointment of Peng Xuhui as CEO of Luoyang Molybdenum Co., Ltd. is a strategic move aimed at enhancing the company's management capabilities and aligning with its development goals in the mining industry [4][5][6]. Group 1: Company Background - Peng Xuhui has extensive experience in advanced manufacturing, having served in various roles at Shentianma A since 2006, where he progressed from a research engineer to chairman [3]. - Luoyang Molybdenum is a leading global producer of tungsten, cobalt, niobium, and molybdenum, with significant copper production and a strong presence in mineral trading across multiple continents [6]. Group 2: Recent Developments - In Q1 2025, Luoyang Molybdenum achieved a turnaround with a net profit of 96.41 million yuan, marking a year-on-year increase of 7.25% [4]. - The company has been focusing on cost reduction and efficiency improvement, with a strategic shift towards lean management and platform capability development [4][5]. Group 3: Strategic Goals - Luoyang Molybdenum aims to produce 800,000 to 1 million tons of copper annually and is actively pursuing gold resource development [4]. - The company acknowledges its gaps in resource reserves, profitability, management, and talent development, emphasizing the need for organizational upgrades to compete globally in the mining sector [5]. Group 4: Financial Performance - Luoyang Molybdenum reported a net profit of 14.28 billion yuan for the first three quarters, a 72.61% increase year-on-year, surpassing the total profit for the previous year [6]. - The company's market capitalization reached 359 billion yuan, reflecting a 5.53% increase on October 24 [6].

Group 1 - President Xi Jinping will attend the APEC informal leaders' meeting in South Korea from October 30 to November 1, with potential discussions on a meeting between the Chinese and U.S. leaders [1] - The Central Committee emphasizes addressing "three rural issues" as a priority, projecting an estimated market space of around 10 trillion yuan over the next five years [1] - The focus on new urbanization is expected to require over 5 trillion yuan in investment for underground infrastructure during the 14th Five-Year Plan [1] Group 2 - The U.S. September CPI rose 3% year-on-year, the highest since January, but below market expectations of 3.1% [2] - The market has fully priced in two 25 basis point rate cuts by the Federal Reserve for the remainder of the year [2] Group 3 - Premier Li Qiang will attend multiple ASEAN meetings in Malaysia from October 27 to 28 [3] - The central bank aims to enhance the effectiveness of monetary policy and maintain stability in financial markets [3] - The State Administration of Foreign Exchange emphasizes the need for high-level opening in the foreign exchange sector and promoting the internationalization of the renminbi [3] Group 4 - The central bank will conduct a 900 billion yuan MLF operation on October 27, marking a net injection of 200 billion yuan for the month [4] - Various provinces have reported GDP data for the first three quarters, with Guangdong's GDP reaching 10.52 trillion yuan, a 4.1% increase [4] Group 5 - The China Securities Regulatory Commission emphasizes risk prevention and high-quality development in capital markets [5] - A-shares saw significant gains, with the Shanghai Composite Index rising 0.71% to 3950.31 points [5] - Hong Kong's Hang Seng Index closed up 0.74%, with notable strength in the semiconductor sector [5] Group 6 - 712 listed companies have disclosed share repurchase or increase loan plans, totaling a maximum loan amount of 152.48 billion yuan [6] - Domestic GPU leader Muxi Co. successfully passed IPO approval on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for R&D [6] Group 7 - The China Logistics and Purchasing Federation initiated an "anti-involution" campaign to combat low-quality competition in the warehousing industry [8] - The China Nonferrous Metals Industry Association stressed the importance of maintaining industry confidence and preventing "involution" [9] Group 8 - The People's Bank of China reported a decline in real estate loans, with a balance of 52.83 trillion yuan, down 0.1% year-on-year [10] - Hangzhou is implementing "home purchase + consumption voucher" subsidy activities to stimulate the housing market [10] Group 9 - JD.com, Meituan, and other companies are under investigation by market regulators for food safety and operational compliance issues [11] - The narrow passenger car retail market is expected to reach around 2.2 million units in October, with a projected 60% penetration rate for new energy vehicles [11] Group 10 - Morgan Stanley plans to allow institutional clients to use actual holdings of Bitcoin and Ethereum as loan collateral [12] - Xiaomi Auto announced a tax subsidy plan for customers who complete orders by November 30 [13] Group 11 - Ford's Q3 adjusted EPS was 45 cents, with sales up 9.3% to a record $50.5 billion, exceeding expectations [21] - Procter & Gamble reported Q1 adjusted EPS of $1.99, with revenue of $22.39 billion, both surpassing market expectations [21]

Core Insights - Luoyang Molybdenum's Q3 report shows record high net profit of 14.28 billion yuan, a 72.61% year-on-year increase, surpassing last year's total [2] - The company achieved a single-quarter profit of 5.61 billion yuan in Q3, marking a 96.40% increase year-on-year [2] - The basic earnings per share reached 0.67 yuan, with operating cash flow of 15.86 billion yuan [2] Revenue and Production - Total revenue for the first three quarters reached 145.49 billion yuan, with copper revenue contributing 38.6% [2] - Copper production increased by 14.14% to 543,400 tons, achieving 86.25% of the annual target [2] - The cobalt, molybdenum, tungsten, niobium, and phosphate production exceeded planned targets, with cobalt production at 88,000 tons [3] Cost Management and ESG Performance - The company's operating costs decreased by 10.94% year-on-year, indicating effective cost management [3] - Luoyang Molybdenum maintained an AA rating in MSCI ESG performance for three consecutive years, ranking in the top 11% of the non-ferrous metals industry [3] Future Projects and Investments - The company announced a $1.084 billion investment for the KFM mine phase II, expected to produce an additional 100,000 tons of copper annually starting in 2027 [3] - Ongoing construction of the Heshima hydropower station in the Democratic Republic of Congo aims to secure local electricity supply [3] Management Changes - Luoyang Molybdenum appointed Peng Xuhui as President and CEO, and Branko Buhavac as Vice President and Chief Commercial Officer [4] - The company aims to enhance operational efficiency and attract global talent through a stock incentive plan of 393 million shares [4]

Core Viewpoint - Luoyang Molybdenum Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, driven by increased copper production and sales, alongside rising copper prices [1][2]. Financial Performance - The company achieved a revenue of 145.485 billion yuan and a net profit of 14.28 billion yuan, marking a year-on-year increase of 72.61%, setting a historical record for the same period [1]. - In Q3 alone, the net profit attributable to shareholders reached 5.608 billion yuan, reflecting a 96.4% year-on-year growth [1]. Production and Sales - Copper production reached 543,400 tons, a 14.14% increase year-on-year, with a completion rate of 86.25% against production guidance [1]. - Copper sales amounted to 520,300 tons, up 10.56% year-on-year [1]. Market Conditions - The average domestic copper price in the first three quarters was 78,266 yuan per ton, an increase of 4.22% year-on-year, indicating a general upward trend in prices [2]. - Global copper supply remains tight, with several mining supply issues reported, while refined copper smelting capacity is expected to expand rapidly from 2023 to 2026 [2]. Strategic Developments - The company plans to invest 1.084 billion USD in the second phase of the Jinshan Mining project, expected to produce an additional 100,000 tons of copper annually upon completion in 2027 [2]. - Luoyang Molybdenum is focusing on establishing lean operational production methods and building a global platform organization to drive future growth [3]. Personnel Changes - Recent organizational upgrades include the appointment of Peng Xuhui as President and CEO, and Branko Buhavac as Vice President and Chief Commercial Officer [2].

Core Viewpoint - Luoyang Molybdenum Co., Ltd. reported a decline in revenue for the first three quarters of 2025, while net profit showed significant growth compared to the previous year [1] Financial Performance - The company achieved a revenue of 145.485 billion yuan, representing a year-on-year decrease of 5.99% [1] - The net profit attributable to shareholders reached 14.28 billion yuan, marking a year-on-year increase of 72.61% [1] - The non-recurring net profit was 14.537 billion yuan, reflecting a year-on-year growth of 69.98% [1] - Basic earnings per share stood at 0.67 yuan [1]